When we first moved office space to the city from Brooklyn, in 2012 we were seeing rents in the mid $50's, now at a record low (past three years) of $73 per sq ft, still quite a bit way off of where rent was less than 10 years ago. And that's after a tremendous amount of real estate has been developed for office space.<p>2012 was pre WeWork, it was also pre Hudson Yards - though that is extremely pricey office real estate.<p>The benefit of reduced rents is that when the market recovers companies that hadn't previously considered the city affordable can take advantage of lower rates and as a blended avg I'm sure there are some great deals to be found.